Global law firm White & Case LLP has advised Bayerische Landesbank on its first synthetic securitisation transaction in accordance with the EU regulations on simple, transparent and standardized securitisations (STS).
The reference portfolio consists of corporate credit facilities originated by Bayerische Landesbank with a total value of €1 billion. The transaction involved the placement of the mezzanine tranche in the form of credit linked notes with private investors. The objective for Bayerische Landesbank is to hedge the unexpected loss of the reference portfolio and achieve the necessary transfer of credit risk to free up risk-weighted assets.
This is the first German synthetic STS transaction in the form of credit linked notes issued directly by a bank. Deutsche Bank AG acted as arranger and lead manager for the transaction.
The White & Case team which advised on the transaction was led by partner Dennis Heuer (Frankfurt) and included partners Ingrid York (London) and Cristina Freudenberger (Frankfurt), counsel Alexander Born and Carsten Loesing (both Frankfurt) and associates Claire-Marie Mallad, Reetu Vishwakarma and Andreas Staroselski (all Frankfurt).
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